https://www.taxtmi.com/caselaws?id=25918 The High Court of Madhya Pradesh ruled in favor of the assessee regarding the deduction of wealth-tax liabilities in computing taxable wealth. The court held that wealth-tax liability crystallizes on the valuation date, and debts owed by the assessee can be deducted, even if not quantified or accepted by the assessee on that date. Citing Supreme Court decisions, the High Court emphasized that tax liabilities that crystallize on the valuation date should be deducted, regardless of the finalization of assessment orders. The court concluded in favor of the assessee, stating that liabilities determined by the ultimate judicial authority on the valuation date should be considered for deduction. en-us Sat, 03 Aug 1985 00:00:00 +0530 Mon, 01 Feb 2010 16:23:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25918 The High Court of Madhya Pradesh ruled in favor of the assessee regarding the deduction of wealth-tax liabilities in computing taxable wealth. The court held that wealth-tax liability crystallizes on the valuation date, and debts owed by the assessee can be deducted, even if not quantified or accepted by the assessee on that date. Citing Supreme Court decisions, the High Court emphasized that tax liabilities that crystallize on the valuation date should be deducted, regardless of the finalization of assessment orders. The court concluded in favor of the assessee, stating that liabilities determined by the ultimate judicial authority on the valuation date should be considered for deduction. Case-Laws Wealth-tax Sat, 03 Aug 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25918